Foreclosure Activity Drops to More Than 11-Year Low
The number of U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — fell to a more than 11-year low in the third quarter of this year, according to property database curator ATTOM Data Solutions.
Foreclosures were down 35 percent from a year ago.
“Legacy foreclosures from the high-risk loans originated between 2004 and 2008 have largely been cleared out of the distressed market pipeline,” said Daren Blomquist, senior vice president at ATTOM Data Solutions. ”
Blomquist said that loans originated during the housing boom of the last five years are posting foreclosure rates below historic averages.
The notable exception to this otherwise happy tale are FHA loans originated in 2014, which have the highest foreclosure rate of any FHA loan vintage since 2009.
FHA foreclosure rates on 2014 vintage loans were at an 11-year high in Austin and Denver, a 10-year high in Oklahoma City and Nashville, and a nine-year high in Cincinnati, Cleveland, Columbus and Dallas.
However, third quarter foreclosure activity was below pre-recession averages in 123 of the 217 metro areas analyzed in the report (57 percent), including Los Angeles, Chicago, Dallas, Houston, and Miami.
Find out more at attomdata.com.
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